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Creating estimates or proposals for custom work

You may want to create estimates to track estimated project costs. In addition, you might want to create a quote for a customer based on the estimate. This can be particularly useful if you perform any custom work.

You can create a quote (also called an estimate or a proposal) in QuickBooks and use it to track how much you originally estimated it would cost to make the item, the intended markup, and the proposed revenue (the pricing you gave the customer).

Then you can create an invoice based on your estimate. The invoice can be for the entire proposal, a percentage of the entire proposal amount, a subset of items in the proposal, or a percentage of each line item (called progress invoicing).

Estimating is an important part of job cost analysis. Comparing estimated costs to actual costs is a key aspect of job costing. By comparing these costs you can see where you are estimating too high or too low, and improve the accuracy of future estimates.

See also

KB ID# H_MWD_CREATING_ESTIMATES_AND_PROPOSALS
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